First Resources (SGX:EB5) has stepped in to acquire a 91.17% stake in PT Austindo Nusantara Jaya Tbk, succeeding its majority-owned unit PT Ciliandra Perkasa as buyer under a novation agreement, according to a Friday filing on the Singapore Exchange.
The $329.8 million deal, first revealed in March, involves the purchase of over 3 billion shares in the Indonesian company, with a mandatory tender offer to follow for the remaining 8.83% stake.
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